How to save $9.9 billion

Facebook Twitter LinkedIn Mail Us

More borrowers are being encouraged to take advantage of some of the lowest home loan rates in history, following a new survey by one of Australia’s biggest comparison websites,, which found about two in five mortgage holders (39 percent) have not switched providers in the past decade – an estimated 1.17 million households.

By not switching home loans or asking for a discount with their current lender, these households are potentially wasting a combined $27.4 million per month, $328.2 million per year or a staggering $9.9 billion over 30 years. This was based on receiving just 0.10 percentage points off the national average mortgage size of $379,400 with the current average variable home loan rate of 5.20 percent according to

According to the survey the average borrower could be potentially wasting $280 per year or $8,415 over a 30-year loan term.

In addition, many banks are offering cash payments up to $2,000 to switch to them.

If you would like to save money on your loan, please contact your Chan & Naylor Finance specialist.

Disclaimer: This article contains general information. Before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs. 


Leave a Reply

Your email address will not be published. Required fields are marked *

Join our mailing list today!

Keep up to date with our latest news & updates!